ACC 201 Accounting Week 2 Assignment 1

May 1st, 2015
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ACC 201 Accounting Week 2 Assignment 2ACC201: Principles of Financial Accounting-Accounting 24-20 Effect of different inventory cost flow methods on financial statementsCash $19,000Beginning inventory $6,750 (75 Units@$90)Common Stock $ 7,500Retained Earnings $18,2505 transactions1. First cash purchase 100 units @ $92 = 92002. Second cash purchase 175 units @ $100 = 175003. Sales (all cash) 300 units @ $170 = 510004. Paid 15,000 cash for operating expenses5. Paid cash for income taxes at the rate of 30% of income before taxesCost of GoodsEnding InventoryFIFO: 75 units @ 90 = 6,750 50 left @ 100 unit = 5,000100 units @ 92 = 9,200125 units @ 100 = 12,500Cost of goods sold 28,450Cost of Goods

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